Daily Forex Analysis – April 2, 2010

USDJPY Analysis.
USDJPY broke above 93.75 (Jan 7 high), suggesting that the longer term uptrend from 84.82 (Nov 27, 2009 low) has resumed. Further rally is still in favor and next target would be at 95.00-96.00 area. Initial support is now at 93.45 followed by 93.25, and key support is at 92.12, as long as this level holds, uptrend from 89.76 could be expected to continue.


AUDUSD Analysis.
AUDUSD is in consolidation of uptrend. Another fall to 0.9215 would more likely be seen later today. As long as this level holds, one more rise 0.9300 is still possible. However, below 0.9215 could take price back to re-test 0.9001 support.


EURUSD Analysis.
EURUSD’s bounce extends to as high as 1.3590. Another rise to 1.3700-1.3800 is expected in a couple of days. Support is located at the uptrend line from 1.3267 to 1.3384, as long as the trend line support holds, uptrend could be expected to continue.


GBPUSD Analysis.
GBPUSD continues its bullish movement. Further rise to test 1.5382 key resistance is possible later today. Pullback would more likely be seen before breaking above this level. Support is now at 1.5175, below this level will suggest that a cycle top is being formed on 4-hour chart, then pullback to 1.4900 could be seen.


USDCHF Analysis.
USDCHF has formed a cycle bottom at 1.0434 level on 4-hour chart. Range trading between 1.0434 and 1.0600 is expected in next several days. However, the bounce from 1.0434 is treated as consolidation of downtrend, another fall to 1.0300 is still possible after consolidation.


USDCAD Analysis.
USDCAD is testing 1.0061 previous low support. Minor consolidation would more likely be seen before breaking below this level and range trading between 1.0061 and 1.0120 is expected later today. However, a breakdown below 1.0061 will trigger another fall towards 0.9900 area.


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